Greetings KOYmunity!
On May 18th, we successfully held an AMA event on KOY Jumuiya’s Telegram Channel. We extend a huge thank you to all our participants and to our CEO, Mr. Richard Erikodi, for sharing his valuable insights about the project. Here’s a recap of the entire session for those who missed it!
Our CEO discussed the project’s features, shared the vision, and outlined upcoming plans.
Host: Betty Waitherero, DAO Leader of KOY Jumuiya
Guest: Richard Erikodi, CEO of KOY Network
The AMA included 3 segments:
- Segment 1: Introduction
- Segment 2: X Questions
- Segment 3: Live Community Q&A
SEGMENT 1: INTRODUCTION
Host: Hello, KOY Community! We have an AMA with the KOY 2.0. The guest will be the KOY Network CEO, Richard Erikodi to introduce the project to our community. Welcome, Richard to the KOY Community Telegram AMA!
Richard: Thanks for having me, Betty!
Host: This is the first community AMA held inside the telegram chat. I am excited about this because we get to hear directly from community members here later on in the AMA. So we are all excited to learn more about KOY 2.0, shall we get started?
Richard: Yes please Betty, I’m glad to be here within this vibrant community.
Host: Okay, great! Can you introduce yourself to the community as well as your core team? How did you start your journey with the KOY Network?
Richard: Thank you for your excellent question. My journey to KOY has been a lifelong pursuit, I have 23 years of Finance experience within commerce and industry. This experience has provided me with the necessary skills to engage with enterprise clients and to manage and scale businesses effectively. Subsequently, I joined the founding team of the Telos blockchain and was elected to the inaugural Telos Foundation Board. I also served as the first CFO of the Telos Foundation. Collectively, this experience has given me the foundation and vision to drive this project forward. Our core team is made up of experienced blockchain individuals from across the globe. We’ll publish an organisational soon. Thank you.
Host: You have a fantastic background. Next question, what is the difference between KOY Network and KOY 2.0? What’s the meaning behind those names?
Richard: The KOY Network encompasses our entire ecosystem, including all enterprise DApps, the DAO, exchanges, and wallets. KOY 2.0, our current blockchain technology, signifies our advancements over the past six months. We are continuously iterating and enhancing the protocol and technology, with the potential for a future KOY 3.0 where significant upgrades take place.
Host: Awesome! The concept is fantastic! Well done for choosing the best name of the project. Now, please share with us your tokenomics.
Richard: Our tokenomics are intentionally straightforward to ensure clarity and comprehension.
Please refer to the attached slide for a detailed breakdown. Additionally, visit the links below for real-time distribution information, as the blockchain is live and staking rewards are being distributed in real-time.
https://app.koynetwork.io/account/launch.pool?tab=transactions
https://app.koynetwork.io/account/rewards.pool?tab=transactions
https://app.koynetwork.io/account/reserve.pool?tab=transactions
https://app.koynetwork.io/account/founder.pool?tab=transactions
Host: This is excellent, because its the kind of information we can easily digest and research for ourselves. Next question, how does KOYN staking differ from traditional staking methods?
Richard: The KOY Network offers distinctive staking rewards, with several key differences from other networks. The rewards pool is ring-fenced and exclusively allocated for staking rewards, ensuring no inflation and predictability. We have developed a dedicated staking interface for users, featuring a short lock-up period to facilitate the development of the KOYN economy. There are no participation requirements; holding KOYN tokens is sufficient qualification for staking. Reward distribution occurs every 30 minutes. In the future, community-nominated block producers will be elected by token holders.
Host: That is correct and its actually in our Koy Jumuiya DAO roadmap to have DAO nominated Block Producers join the KOY Network Corporate Block Producer team in providing infrastructure for KOY 2.0.
Richard: That’s right, and I am looking forward to it.
Host: So tell us more about the services being offered, what is decentralization-as-a-service and how does it impact businesses in Africa?
Thanks Betty, our Decentralisation as a Service specifically addresses deRENS and DePin within the enterprise sector. Avoiding years in development.
The KOY Network aims to provide traditional enterprises with access to decentralised resources. The objective is to enhance efficiency, reduce entry costs, and improve the security of everyday applications within the fintech sector in Africa through the utilisation of distributed ledger technology (DLT). We facilitate easy access to DLT for enterprises while mitigating the upfront costs typically required.
The primary impact on African businesses includes lower barriers to entry, enhanced interoperability, and improved security within participating decentralised applications (dApps). Additionally, this approach significantly enhances the existing technology and transitions transactions to IP-based systems.
Host: So effectively moving fintech services from reliance on ussd code systems to IP based systems, is that what you mean?
Richard: Yes please , away from the sms based systems to internet protocol platforms that are available worldwide.
Host: Great! And it’s about time too, I believe the populations are ready for the leap forward. What future developments are in store for KOY 2.0 to enhance user-engagement and expand the platform?
Richard: Thank you for your question. For this question, I will discuss the developments that are set to launch imminently. However, to protect our strategic advantage and market position, I will address projects that are further along in general terms. I trust this approach is acceptable to you.
Host: That’s quite alright!
Richard: Thank you Betty! We are about to launch the KOY Network App, a web-based portal into our ecosystem. This initiative is part of the privacy infrastructure we are developing in preparation for mobile financial services (MFS) clients.
Following this, we will focus on building token bridges to other blockchain networks, enhancing block explorers, and developing our NFT technology to support two enterprise client dApps in the travel and green energy industries.
One of our partners is African Sun Power, a green energy company based in Burundi. They specialise in the sale and installation of solar panels, energy-efficient stoves, and eBikes. We will be integrating their business into WEB3 with a range of products on the KOY Network, including loyalty points schemes and green energy certification.
Additionally, we have commenced the architectural work for our no/low-code developer portal. These initiatives are collectively designed to facilitate entry into our ecosystem and enhance the overall user experience. I am particularly enthusiastic about integrating with other blockchains to ensure interoperability and secure exchange listings.
Host: This is so exciting! and I believe there will be a merchants portal as well?
Richard: Yes please. Our Point of Sale platform will form part of this ecosystem.
Host: We can’t wait for the future developments of KOY 2.0. Also, we’re looking forward to your fantastic features of your platform. I’m sure it will be one of the best decentralized projects in Africa and beyond.
Richard: Indeed it will be, we have amazing plans for our ecosystem.
Host: Thank you for introducing KOY Network to our community, Richard.
We will now proceed to the next segment in the AMA, where Richard will answer 5 questions selected from our twitter audience.
SEGMENT 2: PRE-COLLECTED Q&A FROM X
Host: So Question one is from @Horizenglobat: How does Koy Network collaborate with regulatory bodies and industry stakeholders to navigate legal complexities and ensure compliance with evolving regulatory frameworks?
Richard: @Horizenglobat thank you for your question.
As a network, we prioritise regulatory compliance across all areas of our business, including adherence to local tax laws.
Our approach to regulatory compliance is two-fold:
a) We actively engage with regulators in the territories where we operate. Currently, we have active applications with several regulators in East Africa.
b) Additionally, dApp clients intending to deploy regulated business operations on KOY undergo an onboarding process that includes verification of their respective regulatory compliance. This ensures that all regulated activities are compliant.
Furthermore, we meticulously ensure that our activities do not contravene prevailing regulations, and we actively deploy in regions where there is regulatory clarity. The strategic location of our blockchain organisation exemplifies this commitment.
Host: Question two is from @Alex5555223: How does KOY 2.0 aim to support and facilitate the adoption of decentralized solutions among businesses and organizations in Africa, and what strategies are in place to educate and onboard potential users about the benefits of decentralized technology?
Richard: Thank you, @Alex5555223!
Our core strategy revolves around lowering the barriers to entry, including technical barriers. To this end, we are developing a low/no-code developer portal that will enable businesses new to Distributed Ledger Technology (DLT) to deploy dApps quickly and with minimal expertise.
Additionally, we are offering turnkey applications that are fully developed and deployed, leveraging our in-house blockchain expertise to expedite deployment.
Furthermore, we are simplifying blockchain resource management, an area of complexity within our space. We aim to eliminate this complexity and offer packages similar to other business utility payment regimes.
Finally, we are actively engaging in knowledge-sharing and training initiatives. Recently we took on an apprentice within our dev team.
Host: Question three is from @kumpulanBTC2020: Can you explain how individuals can earn passive income through staking KOYN tokens within the KoyNetwork ecosystem, including the process of staking, the rewards structure, and the current annual percentage yield (APY)?
Richard: @kumpulanBTC2020, we have addressed this in two ways. Firstly, we have established a ring-fenced staking rewards pool that will exclusively benefit staking accounts. Secondly, we have developed a robust and user-friendly staking interface, which can be accessed via the link below. Please explore these features at your convenience:
https://app.koynetwork.io/staking
https://app.koynetwork.io/account/rewards.pool?tab=transactions
Host: Also the APY is set at 20% not so?
Richard: Currently, yes. It should at some point float freely based on the ebbs and flows of the staked volume.
Host: Sounds good. Question four is from @Roxyakubaa: I’d like to purchase $KOYN token, but I couldn’t find it in the pancake swap. Why is $KOYN token not available in the pancake swap? Which exchanges do we have access to the $KOYN token, and on which exchanges can we conduct token exchange transactions?
Richard: @Roxyakubaa, I am pleased to hear of your interest in acquiring $KOYN, and I apologise for any inconvenience caused by not yet finding us on Pancake. One of the initiatives of KOY Advance is to list $KOYN on various exchanges. Our development team will soon commence building bridges to leading blockchains, including BSC, which hosts Pancake.
Additionally, you will be able to obtain $KOYN during our upcoming swap event, which will be launching shortly. Please look out for further announcements.
Host: Finally last question from Twitter/X, is from @Cryptodisorder2: The crypto industry is a fast-paced industry, how flexible is your Project to change quickly and keep pace with technology trends? What is your long-term vision for the forecasting industry in which your Project project operates?
Richard: @Cryptodisorder2 — We operate a fairly flat, remote-first organisation with staff across multiple time zones, providing us with a diverse perspective, agility, and flexibility in our approach. Our team is highly creative and technically proficient, approaching product development imaginatively and with a deep understanding of our target markets.
My long-term vision for the project is to see the entire African financial system functioning seamlessly and interoperably, promoting trade and the free movement of goods, services, and money across borders in a cost-effective, swift, and secure manner.
Thank you very much Betty!
Host: Thank you as well, you handled the Twitter section rather well. Now we will open up for the last section, which is questions from the Koy Jumuiya DAO community members.
SEGMENT 3: LIVE COMMUNITY Q&A
Question #1 — @Daryj63
What is the purpose of $KOYN on the KOY network? Let’s do a brief overview of your tokenomics that encourages us to invest in KOYN and see the compelling opportunity for our return on investment?
Richard: The KOY Network encompasses our entire ecosystem, including all enterprise DApps, the DAO, exchanges, and wallets. KOY 2.0, our current blockchain technology, signifies our advancements over the past six months. We are continuously iterating and enhancing the protocol and technology, with the potential for a future KOY 3.0 where significant upgrades take place.
Question #2 — @jackson_JX
Do you have any plan for burning $KOYN tokens in the future to reduce the supply of the $KOYN token and increase its investment attractiveness?
Richard: A decision on this has not been made yet. Personally, I do not think token burns are effective in the long term, but we shall see.
Question #3 — @sent_Lucia12
According to the roadmap, what are your most important next priorities? Does your team have enough funds and strong community to achieve those milestones?
Richard: Our next important milestone is severalfold 1) Build a bridge to an ERC-20 blockchain 2) Get Listed on exchanges, 3) Deploy the KOY Network dAPP. We have some funds, but will be looking to raise between now and listing. Please ensure to participate in any swapping campaigns we put up, they will support the project.
Question #4 — @alkena1
Are you being audited? Haven’t you heard talk about the safety of funds that every investor craves and plans to escape in case of insecurity when funds, scams and anger pull? How strongly is your security built?
Richard: The KOY 2.0 upgrade was primarily driven by security considerations for all stakeholders. The platform incorporates enterprise-grade security features and protocols to ensure ecosystem safety. Additionally, we are progressing with our decentralisation plan, which includes launching a DAO to safeguard community interests, inducting community-nominated block producers, and introducing the KOY Network App, an additional password-protected secure layer for all users.
Our infrastructure is decentralised and distributed across multiple locations. Future projects on our roadmap will further enhance hardware-level performance. Further details will be provided in due course.
Finally, prior to the token bridges going live, we will publish the audit report of the entire suite of smart contracts deployed on the platform.
Question #5 — @RobertCarlosons
Can you tell us more about the private sale? How can we participate? Is KYC required to join private sales? What are the strongest advantages of your project that you think will lead your team to a better market?
Richard: An announcement on this will be going out early next week. Please stay tuned and thank you for your support.
Host: Thank you Richard for your time! and thank you everyone for being so active and vibrant! The AMA is now closed and has come to an end. For the winners of the prize pool please wait for an announcement on the same that will come from the announcement channel. Thank you all once again!
#KOYv2 $KOYN #Blockchain #Web3 #Decentralization
